SPX 6900 Forms Bullish Pennant After 18% Rally — $2.20 in Sight
SPX 6900 has surged 18.20% on the day, continuing a strong bullish market structure that began at the $0.25 low. Since then, price has consistently posted higher highs and higher lows, reclaiming major volume levels and flipping resistance into support.
The latest pivot came from a clean reaction off the 0.618 Fibonacci retracement, propelling price into the ATH region. Now, SPX appears to be forming a bullish pennant, with converging support and resistance signaling a potential breakout setup.
Volume remains elevated, which confirms healthy trend participation. The $1.42 level is now acting as a key support zone, aligned with the value area high and a daily level. As long as this region holds, the current consolidation is likely a continuation pattern.
A confirmed breakout from this pennant structure would project a move toward the $2.20 Fibonacci extension, taken from the previous swing low to high.
Key Levels:
Support: $1.42
Resistance: ATH / Breakout Zone
Target: $2.20 (Fibonacci Extension)
The latest pivot came from a clean reaction off the 0.618 Fibonacci retracement, propelling price into the ATH region. Now, SPX appears to be forming a bullish pennant, with converging support and resistance signaling a potential breakout setup.
Volume remains elevated, which confirms healthy trend participation. The $1.42 level is now acting as a key support zone, aligned with the value area high and a daily level. As long as this region holds, the current consolidation is likely a continuation pattern.
A confirmed breakout from this pennant structure would project a move toward the $2.20 Fibonacci extension, taken from the previous swing low to high.
Key Levels:
Support: $1.42
Resistance: ATH / Breakout Zone
Target: $2.20 (Fibonacci Extension)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.